One year of demonetisation: Note ban helped expedite gold reforms

Despite follow-up measures, jewellery demand increased, wholesale trade fell in line

D emonitisation of high value currency notes a year ago has hastened positive changes in the gold trade, with several subsequent measures having helped to make the gold jewellery business more transparent.

Soon after announcement of withdrawal of high value currency notes on November 8 last year, those having a huge number of such notes, not shown on their books, rushed to buy gold jewellery. On that night, several jewellers were open till late, as the officially withdrawn currencies could be accepted till midnight.

 However, this business continued. Income tax officials raided jewellers across the country on November 10, also using